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British Virgin Islands

    • Overview:
      The economy, one of the most prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income. In 1985 the government offered offshore registration to companies wishing to incorporate in the islands, and, in consequence, incorporation fees generated about $2 million in 1987. The economy slowed in 1991 because of the poor performances of the tourist sector and tight commercial bank credit. Livestock raising is the most significant agricultural activity. The islands' crops, limited by poor soils, are unable to meet food requirements.

    • National product:
      GDP - purchasing power parity - $133 million (1991)

    • National product real growth rate:
      2% (1991)

    • National product per capita:
      $10,600 (1991)

    • Inflation rate (consumer prices):
      2.5% (1990 est.)

    • Unemployment rate:
      NEGL% (1992)

    • Budget:

        revenues:
        $51 million

        expenditures:
        $88 million, including capital expenditures of $38 million (1991)

    • Exports:
      $2.7 million (f.o.b., 1988)

        commodities:
        rum, fresh fish, gravel, sand, fruits, animals

        partners:
        Virgin Islands (US), Puerto Rico, US

    • Imports:
      $11.5 million (c.i.f., 1988)

        commodities:
        building materials, automobiles, foodstuffs, machinery

        partners:
        Virgin Islands (US), Puerto Rico, US

    • External debt:
      $4.5 million (1985)

    • Industrial production:
      growth rate 4% (1985)

    • Electricity:

        capacity:
        10,500 kW

        production:
        50 million kWh

        consumption per capita:
        3,148 kWh (1993)

    • Industries:
      tourism, light industry, construction, rum, concrete block, offshore financial center

    • Agriculture:
      livestock (including poultry), fish, fruit, vegetables

    • Economic aid:
      $NA

    • Currency:
      1 United States dollar (US$) = 100 cents

    • Exchange rates:
      US currency is used

    • Fiscal year:
      1 April - 31 March


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